Iowa Admin. Code r. 187-2.2 - Conversion of national bank into state bank
(1)
Application. A national bank desiring to become a state bank
should first meet with the superintendent to discuss the proposal. An
application and supplementary forms may be obtained for submission to the
superintendent.
(2)
Examination and investigation. The superintendent may conduct
an examination or investigation of the national bank as deemed
necessary.
(3)
Decision. The superintendent shall approve or deny the
application within 90 days after the application has been accepted for
processing. The decision by the superintendent shall be conveyed in writing to
the applicant.
(4)
Corporate documents. If approval is granted, articles of
conversion with a plan of conversion attached shall be delivered to the
secretary of state for filing and recording.
(5)
Commencement of business as state
bank. The conversion shall be effective as of the date of filing of
articles of conversion in the office of the secretary of state unless a later
date is specified in the articles of conversion. The superintendent's
Authorization To Do Business as a state bank will be issued to be effective on
the date of conversion.
(6)
Resulting state bank. The resulting state bank shall submit
the oath of directors, list of shareholders, and certificate of elections and
appointments to the superintendent on forms to be provided by the
superintendent. The oath of directors is to be signed prior to the first
meeting of the board of directors following the effective date of the
conversion. The list of shareholders is to be completed as of the effective
date of conversion.
This rule is intended to implement Iowa Code sections 524.1410 and 524.1413 to 524.1415.
Notes
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